This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 25, 2009.
APR:
HECM CMT 300: 3.44
HECM CMT 325: 3.69
HECM CMT 350: 3.94
HECM LIBOR 225: 2.516
HECM LIBOR 250: 2.766
HECM LIBOR 275: 3.016
HECM LIBOR 300: 3.266
Expected Rates:
HECM CMT 300: 6.48
HECM CMT 325: 6.73
HECM CMT 350: 6.98
HECM LIBOR 225: 5.97
HECM LIBOR 250: 6.22
HECM LIBOR 275: 6.47
HECM LIBOR 300: 6.72
Rates fell this week for both the HECM CMT and the HECM LIBOR. The expected rate for the HECM LIBOR fell over two tenths of a point. The expected rate for the HECM CMT fell just under two tenths of a point. It is great to see the rates declining at such a dramatic rate again.
Reminder: The HECM CMT will cease to be offered on September 1st. This is the last week we will list the rates for the HECM CMT.